Currency in Egypt: EGP Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Egypt with the Egyptian pound.
What's in this Egypt currency guide?
What currency is used in Egypt?
The official currency of Egypt (country code: EG) is the Egyptian pound, with symbol £ and currency code EGP.
What is a good Egyptian pound exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
Loading rates...
|
|
|
Frequently Asked Questions
What currency should I use in Egypt?
The domestic currency in Egypt is the Egyptian pound.
What is the Egyptian pound currency code and symbol?
The three letter currency code for the Egyptian pound is EGP — symbol is £.
What does the Egyptian pound look like?
Here is an example Egyptian pound banknote:
Which countries use the Egyptian pound?
It is the domestic currency in Egypt.
Is the Egyptian pound a closed currency?
No, the Egyptian pound is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and EGP?
Here are some popular conversion amounts for USD to EGP (US dollar to Egyptian pound)*.
*Converted at the current USDEGP interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Egypt
Using Wise for Egyptian pound travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Egyptian pound otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Egyptian pound cash before departure, you can save money by ordering online. You generally get better rates and can pick up the EGP cash locally or even on travel day at the airport.
Egypt: Travel Guide
Traveling to Egypt requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Egypt is a country located in North Africa, bordered by Libya to the west, Sudan to the south, and the Mediterranean Sea to the north. It is known for its rich history, culture, and natural beauty. The country's official language is Arabic and its capital and largest city is Cairo. The official currency is the Egyptian pound. Egypt is a presidential republic with an authoritarian presidential system.
The country is home to some of the world's most famous landmarks and historical sites, such as the Great Pyramids of Giza and the Sphinx, which are considered as one of the Seven Wonders of the Ancient World and also a UNESCO World Heritage site, as well as the Valley of the Kings and the Temple of Luxor in southern Egypt. Some popular tourist destinations include:
- Cairo: The capital city, known for its rich history, including the Egyptian Museum, which houses one of the world's largest collections of ancient Egyptian artifacts.
- Luxor: A city located on the east bank of the Nile River, known for its ancient temples, including the Temple of Luxor and the Temple of Karnak.
- Aswan: A city located in southern Egypt, known for its ancient temples, including the Temple of Philae and the High Dam.
- The Red Sea: Known for its beautiful beaches and world-class diving and snorkeling, with many famous diving destinations such as the Sharm El-Sheikh and Hurghada.
- Alexandria: Known as the "Pearl of the Mediterranean", Alexandria was once a thriving center
Paying in Egypt
When visiting or doing business in Egypt, there are several ways to pay for goods and services.
- Cash: Cash is the most commonly used form of payment in Egypt. The official currency is the Egyptian pound (EGP), and it's widely accepted at most businesses, although US dollars are also widely accepted in tourist areas.
- Credit cards: Major credit cards such as Visa, MasterCard, and American Express are widely accepted at hotels, restaurants, and shops in tourist areas, although usage may be more limited in other areas.
- Debit cards: Debit cards are not as widely accepted as credit cards, but they can be used at most ATMs and some larger businesses to withdraw cash or make payments.
- Online payments: Online payment methods such as PayPal, Wise, and local platforms such as Fawry and Fawrypay, are becoming increasingly popular and can be used for online shopping and e-commerce.
- Currency exchange: Exchange rate can vary significantly depending on where you exchange your currency and it's important to be aware of the official exchange rate and compare with the rate you're offered. It's recommended to exchange money at banks or authorized currency exchange offices.
It's important to note that some businesses may not accept certain types of payment or may charge additional fees for certain types of transactions. Also, it is a good idea to have some small bills and change on hand, as many small businesses may not have the ability to make change for large bills.
As a reminder, it's important to be aware of the current situation regarding currency and any potential restrictions on transactions before travelling.
Is Egypt Safe to Visit?
The safety situation in Egypt can vary depending on the region and the type of activity. Generally speaking, major tourist areas and cities such as Cairo, Luxor, and Aswan are considered relatively safe for travelers, however, the country has faced political instability and a terrorism threat in recent years.
Terrorist attacks have occurred in Egypt, particularly in the North Sinai region and the Western Desert. The government has also conducted a crackdown on Islamist extremist groups, which has led to a rise in violent incidents in some areas.
Demonstrations and protests also occur, particularly in urban areas, and can sometimes turn violent. It is important to monitor local news and avoid large gatherings.
Egypt also has some specific laws and customs that visitors should be aware of and respect. For example, Public displays of affection are not accepted and it is not possible to enter or leave the country with any object that may depict religious themes or is made from artifacts that are considered historical or valuable.
It is generally recommended for visitors to be aware of their surroundings and to exercise caution when traveling in Egypt, especially in areas of known security concerns. It is also advisable to follow the guidance and instructions of local authorities and to stay informed about local events, as well as to inform family, friends and the relevant authorities of your travel itinerary and check in regularly to confirm your whereabouts.
Everyday Costs in in Egypt
How much does it really cost to live, work, or travel in Egypt? Here's what to expect for daily expenses and expat living.
Currency Guide for Egypt (ISO code: EG)
When planning a mid-range stay in Egypt, a traveler should budget approximately 10,000 to 15,000 Egyptian Pounds (EGP) for a week-long visit. This estimate should comfortably cover accommodation, dining, activities, and transportation. Here’s a glance at typical daily expenses in the local currency:
- 🍽️ Meal at a local restaurant: 150 EGP
- ☕ Coffee: 30 EGP
- 🚍 Public transport fare: 10 EGP
- 📶 Prepaid SIM card: 200 EGP
- 🏨 Budget hotel or Airbnb: 500 EGP
Overall, visitors will find Egypt to be generally affordable compared to destinations like the United States and Canada, where similar expenses might be double or even triple. Thus, Egypt stands out as a budget-friendly option for travelers seeking rich history and vibrant culture without breaking the bank.
Expat Living in Egypt
For expats considering a stay in Egypt, typical monthly living costs can range from 30,000 to 50,000 EGP, depending on lifestyle choices and location. This budget usually covers rent, groceries, utilities, and entertainment. When it comes to banking, international cards like Visa and Mastercard are widely accepted, but it’s advisable to maintain some cash for local markets and smaller vendors.
When sending or receiving money, services like Wise or OFX often provide better exchange rates and lower fees compared to local banks. Exchanging money locally can also be an option, but rates can vary significantly from one exchange service to another. For the best value, it’s worth comparing both local exchanges and online transfer services before making transactions.
USD/EGP Market Data
The below interactive chart displays the USD/EGP change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Egypt - Best Rates
To get a good (and fair) exchange rate when sending money to Egypt you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Egypt
When sending money to Egypt it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Egyptian pound amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted EGP amount will be transfered to the recipient account you specify in Egypt.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Egyptian pound deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Egypt
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Egyptian pound currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EGP exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Egyptian pound bank account: A local EGP bank account can make it easier for you to manage your finances and pay bills while you are in Egypt. It may also be more convenient to use a local EGP bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Egypt. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Egypt. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Egypt, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Egypt.
Doing business in Egypt
Egypt is the largest and most populous country in the Arab world and a major player in the Middle East. It has a diversified economy with a mix of modern and traditional industries. The country is a major producer of oil and natural gas and has a large agricultural sector. However, tourism, construction, and manufacturing are also important sources of income.
Doing business in Egypt can be challenging due to bureaucratic procedures, red tape, and the lack of transparency. The legal system can also be complex and time-consuming. Corruption is also a concern in Egypt, although the government has made efforts in recent years to combat it.
However, the country has several advantages for foreign investors, including a large and educated workforce, a strategic location, and access to a large market. There are also free trade agreements in place with several countries, which can provide preferential treatment for exports to certain markets.
In recent years, Egypt's government has implemented economic reform measures, including currency devaluation, floating exchange rate, and major cut on subsidies which aim to improve the business environment and attract foreign investment.
It is recommended for foreign investors to seek legal and financial guidance before entering the Egyptian market.